DO O’Connor, the deputy managing director of Laya Healthcare unit, has been announced by Axa Ireland as the chosen successor to Dónal Clancy, the longstanding head of the health insurance company. This development comes in the wake of Axa Ireland’s acquisition of Laya last year, a deal valued at €650m. Pending regulatory approval, O’Connor’s appointment is set to commence from the 1st of January, according to a statement released by Axa on Thursday.
Dermot Oliver O’Connor, commonly referred to as DO, has been a part of the health insurance company since its establishment in 1996. The firm was initiated by Britain’s Bupa with the aim of breaking the VHI’s exclusive control of health coverage in Ireland. Since 2012, the company has been under the leadership of Mr. Clancy.
On the subject of the successful acquisition of Laya by AXA Ireland, Mr. Clancy expressed that it marked a significant change for both the team and the business. Commenting on his departure, he said, “Having the privilege to steer the phenomenal team at Laya Healthcare has been enormous, and I’m thrilled to pass on leadership to DO.”
The health insurer has witnessed several changes in ownership over time. In 2007, the company was purchased by Quinn Insurance and subsequently rebranded as Laya following the appointment of administrators to Quinn Insurance in 2010. Following this, the company was bought out by AIG in 2015 for about €80 million, backed by an underwriter owned by Swiss Re. Last year, AXA Ireland, under the leadership of CEO Marguerite Brosnan, purchased the company from AIG’s Corebridge unit.
AXA Ireland plans to commence underwriting health insurance for Laya beginning next year. This move is expected to incorporate an addition of roughly €940 million premiums annually, nearly doubling the company’s overall premiums to around €2 billion. Laya’s policies have been underwritten for years by a unit of Swiss Re, Elips Insurance, essentially making the business a bound agent.